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ESPN: Nets Will Pay $90 Million in Luxury Taxes

July 12th, 2014 at 10:24 PM By Richard N. Funaro

After spending over $100 million in salaries during the 2013-14 season, the Nets are set to pay another $90 million in luxury taxes, according to an ESPN report. The NBA's luxury tax threshold for this past season $71.7 million.

The Nets were reportedly one of five teams to pay the luxury tax this year, with the next closest tax paying team being the crosstown Knicks, who paid $36.3 million. The Clippers, Heat, and Lakers were the other teams that paid the tax.

The league has also raised the salary cap for teams to $63.065 million, which is an increase of roughly $5 million over last year's cap. Currently, the Nets' payroll stands at $87,660,430. Keep in mind the Nets could still re-sign Paul Pierce and bring in 2011 draft pick Bojan Bogdanovic, plus possibly take on salary in a trade during the season.

The Nets will again pay the luxury tax next season despite the league raising the luxury tax threshold to $76.8 million. How much they will pay after this season remains to be seen since aspects of the team's payroll such as cap holds and bonuses have not been finalized. For an explanation of how the luxury tax works and how the league figures out how much taxpaying teams will pay, Larry Coon's NBA Salary Cap FAQ provides a very thorough run-through of the NBA's salary cap and contract issues.